https://www.taxtmi.com/caselaws?id=236003 Section 80IB deduction was held allowable where the undertaking satisfied the small-scale industrial undertaking definition on the last day of the previous year, and the earlier loss of that status did not defeat eligibility after the investment limit was enhanced. Interest paid at 15% to specified persons was not found excessive under section 40A(2)(b) because the revenue did not prove it exceeded fair market value or was unreasonable. Disallowance under section 14A read with rule 8D was sustained for exempt dividend income because interest expenditure was not shown to be fully supported by interest-free surplus funds. Interest on borrowings used for acquisition of plot, building and machinery was also held disallowable under section 36(1)(iii) before first use of the assets. en-us Thu, 17 May 2012 00:00:00 +0530 Sat, 10 Aug 2013 20:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236003 Section 80IB deduction was held allowable where the undertaking satisfied the small-scale industrial undertaking definition on the last day of the previous year, and the earlier loss of that status did not defeat eligibility after the investment limit was enhanced. Interest paid at 15% to specified persons was not found excessive under section 40A(2)(b) because the revenue did not prove it exceeded fair market value or was unreasonable. Disallowance under section 14A read with rule 8D was sustained for exempt dividend income because interest expenditure was not shown to be fully supported by interest-free surplus funds. Interest on borrowings used for acquisition of plot, building and machinery was also held disallowable under section 36(1)(iii) before first use of the assets. Case-Laws Income Tax Thu, 17 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236003